Revenue increased 67.7% and also higher than preceding year corresponding quarter 81%, eps increased 28.1% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 94.9%, cash generated from operating is more than enough to cover all expenses, better gross and operating profit margin, slightly better liquidity ratio at low level now, slightly lower gearing ratio but still at very high level now, all accounting ratio also high, lower debt ratio at historical low, higher inventory can indicate better demand of Group products

First Support Price

1.35

Second Support Price

1.25

Risk Rating

MODERATE

Research House

CIMB Target Price

1.23 (2011-11-24)

Accounting Ratio

Return on Equity

19.71%

Dividend Yield

4.20%

Gross Profit Margin

26.58%

Operating Profit Margin

15.44%

Net Profit Margin

12.82%

Tax Rate

13.29%

Asset Turnover

0.712

Net Asset Value Per Share

1.31

Net Tangible Asset per share

1.27

Price/Net Tangible Asset Per Share

0.98

Cash Per Share

0.63

Liquidity Current Ratio

1.3117

Liquidity Quick Ratio

0.6004

Liquidity Cash Ratio

0.2683

Gearing Debt to Equity Ratio

1.8483

Gearing Debt to Asset Ratio

0.6455

Working capital per thousand Ringgit sale

27.5%

Days to sell the inventory

293

Days to collect the receivables

197

Days to pay the payables

208

Technical Analysis

SMA 20

1.43 (Uptrend 23 days)

SMA 50

1.346 (Uptrend)

SMA 100

1.274 (Uptrend)

SMA 200

1.247 (Same)

MACD (26d/12d)

0.024385 ( 0.001364 )

Signal (9)

0.030348 ( 0.001491 )

MACD Histogram

0.005963 (Bearish trend 6 days)

My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue and pbt mainly due to increase in sales from crane segment which due to global recovery in investment in equipment and good execution of several high margin projects

- As at 16 February 2012, outstanding order book of the group is RM657.7 million of which majority is from the oil and gas cranes for the offshore oil and gas exploration and production activities. Remaining are from the shipyard, construction and wind turbine industry